The Nigerian currency, Naira has continued its free fall at the parallel market as it dropped 3 points to trade at N381/$1 today, August 1.
This comes hours after the local currency had rallied back to regain strength over the dollar, trading at N378/$1 on Friday, July 29 from the N380/$1 rate it was earlier in the day.
According to a Bureau de change source in Lagos state, the dollar is scarce because there is huge demand for the greenback at parallel market.
He urged the CBN to give only licensed BDC operators’ access into its forex distribution window.
It has been reported that: “Some black market operators are happy with the scarcity, especially those that have dollar to sell.
“However, I believe this is the best time the CBN can bring stability into the market. How can they do that? It is simple; they just need to give us access to the CBN window.”
The local currency has been on the downward swing following a plunge in crude oil prices and a consequent decline in Nigeria’s foreign reserves.
According to the CBN governor Godwin Emefiele, it is frightening that the nation was experiencing economic stagnation and inflation at the same time.
Meanwhile, you can check out NAIJ.com’s bureau de change ‘market’ here for the best rates on foreign exchange.
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